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Dec 28, 2012 6:00am PST
the fiscal cliff. this afternoon in the 11th hour, this is when it always happens, there's a high-stakes meeting at the white house. at the table, president obama and congressional leaders. the goal is to reach an agreement. but the roots of this current crisis can be traced back to the previous administration. cnn's chief business correspondent has a look at how we got here. >> now we have passed a bold package of tax relief for america's families and businesses. >> reporter: it starts more than a decade ago when president bush initiated a series of tax cuts for all americans. but it's a deal with the devil. the cuts which are politically expedient expire in ten years time. >> both houses of congress have passed a package of tax relief that will protect the middle class. >> reporter: when it came time for the cuts to expire, the u.s. is emerging from the worst e recession from the great depression. so president obama agreed to extend the tax cuts for two more years in exchange for congress extending federal emergency unemployment benefits. those cuts are expensive. if they are ex
Dec 28, 2012 11:00am PST
-called fiscal cliff. so a very big moment in the nation's capital. and to walk us through what might happen we turn to jessica yellin, a chief white house correspondent. jessica, we said up front, it is a long shot, give us a best case scenario. >> reporter: the best case scenario would be that all the leaders walk out of this meeting and say they have a deal. the two senators say they can bring it to a vote, and none of their members will filibuster it. house speaker john boehner says he will bring it to the house floor for a vote before new year's eve and house minority leader nancy pelosi says she can wrangle all the democratic votes it needs to pass because you would expect a lot of house republicans to vote no, so you need almost all the house democrats to vote yes. if that sounds almost too good to be true, it probably is. >> and then they sing kumbaya. never, ever going to happen. and if it does -- >> reporter: they braid each other's hair. >> you got it. we're more likely to see that. so tell us about the role in this meeting of senator mitch mcconnell. why is he a key role to this? >>
Dec 28, 2012 4:00am PST
see movement before then. >> now would be a very good time to assess the impact of the fiscal cliff on your 401(k). despite the fact that leaders are meeting this afternoon. the dow, nasdaq, and s & p futures all pointing lower this hour. investigators have no stomach for this high-stakes game of chicken played on capitol hill. look at yesterday's chart for the dow. the index taking a big dive at the open with investors finding little hope for a fiscal cliff come on misz. when word came out that the two sides were meeting, the dow rebounded to positive territory. expect another day like that today. we'll talk with debbie stabenow. >>> he was the most popular american general since world war ii. tributes from around the world are pouring in for stormin norman schwarzkopf. he crushed the iraqi military in the 1999 gulf war and liberated kuwait. he may have been the perfect front man for a war that played out live in your living room. barbara starr live with more. barb rar? >> president obama remembers general is schwarzkopf as an american original. he accomplished something on the bat
Search Results 0 to 2 of about 3